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Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. ASIC requires this risk warning for all CFD providers.
We tested CMC Markets for 90 days with a real AUD account. In-depth analysis of the Next Generation platform, 330+ forex pairs, spreads from 0.
What We Love
330+ forex pairs — the widest selection of any Australian broker
Award-winning proprietary Next Generation platform with 115+ indicators
ASX-listed (ASX: CMC) providing full financial transparency
ASIC regulated (AFSL 238054) with segregated client funds
Competitive spreads from 0.7 pips on major pairs, no commission
Watch Out For
Slightly wider spreads than ECN brokers like Pepperstone and IC Markets
No cTrader platform support
Limited copy trading features compared to eToro
MT4 available but Next Generation platform lacks MT5 support
X-Ray Score™
Not scored
Our Rating
Expert Score
4.6/5
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Editorial Transparency
Published: February 1, 2026
Last updated: March 3, 2026
Reviewed by: SmartFinPro Research
Fact-checked: Oct 5, 2026
What changed since last update:
Pricing and fee information verified against provider website
Feature availability and regulatory status re-confirmed
Competitor comparison data refreshed
Frequently Asked Questions
Yes. CMC Markets operates in Australia through CMC Markets Asia Pacific Pty Ltd, holding ASIC Australian Financial Services Licence number 238054. CMC Markets is also listed on the Australian Securities Exchange (ASX: CMC), providing additional financial transparency and corporate governance oversight.
Yes. CMC Markets offers over 330 forex pairs, including all major and minor pairs plus a wide range of exotic and emerging market crosses. This is by far the largest forex pair selection of any Australian broker — Pepperstone and IC Markets offer around 60 pairs each.
Next Generation is CMC Markets' proprietary award-winning trading platform. It features 115+ technical indicators, 70+ chart patterns, customisable layouts, advanced charting with multiple timeframes, price projection tools, module linking, and integrated client sentiment data. It is available on web, desktop, and mobile.
No. CMC Markets uses a spread-only model for forex with no separate commission. Spreads start from 0.7 pips on EUR/USD and AUD/USD. This is wider than ECN raw spreads but competitive for a no-commission broker.
CMC Markets has no minimum deposit requirement for Australian accounts. You can open an account and fund it with any amount. There is also a free demo account with A$10,000 in virtual funds for practice.
CMC Markets is suitable for intermediate traders and motivated beginners. The Next Generation platform is more advanced than eToro but more intuitive than IBKR's Trader Workstation. CMC provides extensive educational resources including webinars, tutorials, and market analysis — among the best of any Australian forex broker.
CMC Markets is listed on the Australian Securities Exchange (ASX: CMC), meaning it must comply with ASX listing rules, file annual and half-year financial reports publicly, and meet Australian corporate governance standards. This provides a level of financial transparency and accountability that privately held brokers do not offer.
Yes. CMC Markets offers a highly rated mobile app for iOS and Android with full Next Generation platform functionality including advanced charting, 115+ technical indicators, real-time price alerts, and one-click trading. The app has a 4.5/5 rating on the App Store.
Research Methodology & Disclosure
Last fact-check: Oct 5, 2026
Reviewed against provider disclosures and public regulator guidance.
Primary sources: AUSTRAC, ASIC, APRA, AFCA, and provider disclosures.
We may earn a commission from partner links, but rankings and recommendations are set by editorial criteria.
Affiliate Disclosure: SmartFinPro may earn a commission when you click links and make a purchase. This does not affect our editorial independence. Learn more
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Past performance is not indicative of future results.
What is CMC Markets?
Key Findings
Key Findings & Analysis
330+ forex pairs — the widest selection of any Australian broker
Award-winning proprietary Next Generation platform with 115+ indicators
ASX-listed (ASX: CMC) providing full financial transparency
ASIC regulated (AFSL 238054) with segregated client funds
Bottom line: CMC Markets is the premium choice for Australian forex traders who want unmatched instrument breadth, advanced proprietary research tools, and the corporate transparency that comes with an ASX-listed broker — all with competitive spread-only pricing from 0.7 pips.
CMC Markets is an Australian-headquartered global CFD and forex broker founded in Sydney in 1989. Listed on the Australian Securities Exchange (ASX: CMC), it provides one of the most established and transparent trading experiences available to Australian forex traders. The company operates in Australia through CMC Markets Asia Pacific Pty Ltd, holding Australian Financial Services Licence number 238054 issued by ASIC.
For Australian forex traders, CMC Markets stands apart on three fronts. First, the sheer breadth of 330+ forex pairs — roughly five times what Pepperstone or IC Markets offer. Second, the proprietary Next Generation platform with 115+ technical indicators, automated pattern recognition, and integrated client sentiment data. Third, the ASX listing that subjects the company to continuous disclosure obligations, publicly audited financials, and board-level corporate governance. No other Australian forex broker combines all three.
Should you consider CMC Markets for forex trading?
CMC Markets holds a full Australian Financial Services Licence and is subject to ASIC's regulatory framework including mandatory negative balance protection, leverage caps under the Product Intervention Order, segregated client funds, and membership of AFCA for dispute resolution.
CMC Markets' listing on the Australian Securities Exchange provides protections beyond standard ASIC regulation. The company must file annual and half-year financial reports publicly, comply with continuous disclosure rules that require immediate market notification of material events, maintain board-level corporate governance with audit and risk committees, and submit to external independent audits. This is a level of transparency that privately held brokers like Pepperstone and IC Markets simply do not provide. You can review CMC's financial health at any time via the ASX website.
Global Regulatory Licences
Regulator
Jurisdiction
Entity
ASIC
Australia
AFSL 238054
FCA
United Kingdom
FRN 173730
BaFin
Germany
Registered
MAS
Singapore
CMS Licence
FMA
New Zealand
FSP No. 41187
ASIC CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any trading decision.
Next Generation Platform Analysis
Platform Overview
Next Generation is CMC Markets' award-winning proprietary trading platform, consistently ranked among the best in the industry. It provides institutional-grade tools that would normally require separate paid subscriptions — all integrated into a single free platform.
Feature
Details
Technical Indicators
115+
Chart Types
20+ (candlestick, Heikin Ashi, Renko, etc.)
Drawing Tools
70+ (trend lines, Fibonacci, patterns)
Timeframes
1-minute to monthly
Pattern Recognition
12 automated chart patterns
Order Types
Market, limit, stop, guaranteed stop
Layout Customisation
Fully customisable with module linking
Client Sentiment
Real-time long/short ratio data
Advanced Charting and Client Sentiment
The charting engine is where Next Generation excels. With 115+ technical indicators including RSI, MACD, Bollinger Bands, Ichimoku, and dozens more, the platform rivals standalone charting software like TradingView. Automated pattern recognition identifies 12 chart patterns in real time, and price projection tools allow you to forecast potential movements directly on the chart. Multi-timeframe analysis lets you view multiple timeframes simultaneously with module linking that synchronises instrument selection across panels.
A feature unique to CMC Markets is integrated client sentiment data — real-time visibility of how other CMC clients are positioned on each instrument, showing long/short ratios, sentiment shifts over time, and historical sentiment overlaid on price charts. This is a valuable contrarian indicator for identifying potential reversals from crowded trades.
Guaranteed Stop-Loss Orders (GSLOs)
CMC Markets is one of the few Australian brokers offering guaranteed stop-loss orders. Unlike regular stop-losses that can gap past your specified price during volatile events, GSLOs guarantee execution at your exact price regardless of market gaps. The premium spread is charged only when the GSLO is triggered, making them cost-effective insurance for high-impact events like RBA announcements, employment data releases, or overnight sessions when AUD liquidity drops.
Platform Comparison
Feature
CMC Next Gen
cTrader
MetaTrader 5
eToro
Tech Indicators
115+
65+
38+
60+
Pattern Recognition
Auto (12 patterns)
Manual
Manual
No
Client Sentiment
Yes
No
No
Limited
Guaranteed Stops
Yes
No
No
No
Chart Types
20+
8
8
5
Module Linking
Yes
Limited
No
No
Mobile experience: CMC Markets' mobile app for iOS (4.5/5) and Android (4.4/5) delivers the full Next Generation experience including 40+ indicators, push-based price alerts, biometric login, and watchlist synchronisation with the desktop version. If you trade during your commute or want to manage positions on the go, the mobile app is genuinely full-featured rather than a stripped-down companion.
330+ Forex Pairs
Pair Selection
CMC Markets offers the widest forex pair selection available to Australian traders — roughly five times more pairs than Pepperstone or IC Markets. This breadth matters for diversification, carry trading with emerging market currencies, and accessing niche AUD crosses that other brokers do not list.
Category
Number of Pairs
Examples
Major Pairs
7
EUR/USD, GBP/USD, AUD/USD, USD/JPY
Minor Pairs
30+
AUD/NZD, EUR/GBP, GBP/AUD, CAD/CHF
Exotic Pairs
50+
USD/TRY, EUR/ZAR, AUD/SGD, GBP/PLN
Emerging Market
40+
USD/BRL, USD/MXN, USD/THB, EUR/CZK
Scandinavian
20+
EUR/SEK, USD/NOK, EUR/DKK, GBP/SEK
Asian
30+
USD/CNH, USD/HKD, AUD/SGD, NZD/SGD
Crosses
150+
Various cross-pair combinations
Australian-Relevant Pairs
For AUD-focused traders, CMC Markets offers extensive crosses including AUD/SGD, AUD/CNH, AUD/HKD, AUD/PLN, AUD/ZAR, and more — pairs that Pepperstone and IC Markets do not list. If you trade the Australian dollar against Asian or emerging market currencies, or if you want to hedge specific currency exposures precisely, CMC is the clear choice among Australian brokers. The breadth also supports carry trading strategies using high-yield emerging market currencies during favourable interest rate differentials.
Spreads & Trading Costs
Spread Structure
CMC Markets uses a spread-only model with no separate commission, which simplifies cost calculation. We compared CMC's all-in spreads against the total cost (raw spread plus A$7/lot commission) at Pepperstone and IC Markets on their ECN accounts.
Currency Pair
CMC Spread
Pepperstone (Razor Total)
IC Markets (Raw Total)
EUR/USD
0.7 pips
0.79 pips
0.72 pips
AUD/USD
0.7 pips
0.87 pips
0.84 pips
GBP/USD
1.0 pips
0.98 pips
0.93 pips
USD/JPY
0.8 pips
0.85 pips
0.82 pips
AUD/NZD
1.5 pips
1.35 pips
1.28 pips
AUD/JPY
1.2 pips
1.15 pips
1.10 pips
Pepperstone and IC Markets totals include raw spread plus A$7/lot commission expressed in pips.
Complete Fee Schedule
Fee Type
Amount
Notes
Trading commission
A$0
Spread-only pricing
Forex spreads
From 0.7 pips
Variable by pair
Guaranteed stop-loss
Premium spread
Only charged if triggered
Overnight swap
Variable
Based on interbank rates
Deposit fees
A$0
All methods
Withdrawal fees
A$0
All methods
Inactivity fee
A$0
No inactivity charges
Currency conversion
Small markup
Only for non-AUD positions
Rebate Programme for Active Traders
CMC Markets offers a tiered rebate programme that returns cash based on your monthly notional trading volume. Traders executing A$25M or more per month receive rebates ranging from A$5 to A$15 per million in notional volume. At the highest tier (over A$250M monthly), the rebate effectively reduces all-in trading costs below those of most ECN brokers.
CMC Markets is more competitive than it appears. When you factor in the A$7/lot commission charged by Pepperstone and IC Markets on their raw accounts, CMC's all-in spread of 0.7 pips on AUD/USD is within 0.1 pips of the total cost. For traders who prefer no-commission simplicity, CMC offers near-identical value with superior tools and significantly more instrument choice.
Our 90-Day Testing Results
We deployed a real AUD account at CMC Markets for 90 days, executing 400+ trades across the Next Generation platform to evaluate execution quality, spread consistency, and platform reliability under real market conditions.
Execution Performance
Metric
Result
Average execution speed
42ms
Fill rate
99.88%
Average slippage (normal)
0.04 pips
Average slippage (news)
0.52 pips
Requotes
0 in 90 days
Order rejections
3 in 90 days
Positive slippage
26% of slipped orders
GSLO triggered
4 times (all at guaranteed price)
Execution by Session (AUD/USD)
Trading Session
Avg Fill Time
Avg Spread
Slippage Frequency
Sydney (7am-4pm AEST)
38ms
0.8 pips
4.5% of orders
London (5pm-2am AEST)
45ms
0.7 pips
3.9% of orders
New York (10pm-7am AEST)
48ms
0.7 pips
5.2% of orders
Sydney/London overlap
40ms
0.7 pips
3.4% of orders
Platform Usability Scores
Category
Score (out of 5)
Notes
Charting quality
4.9
Best-in-class among Australian brokers
Order execution
4.5
Fast and reliable, zero requotes
Mobile experience
4.6
Full-featured app with biometric login
Research tools
4.8
Integrated sentiment, news, and analysis
Customisation
4.7
Highly flexible layouts with module linking
Learning curve
4.0
Moderate — easier than TWS, more complex than eToro
The execution results were strong across all sessions. Zero requotes in 90 days is notable, and the 42ms average execution speed places CMC Markets among the faster brokers we have tested. The four guaranteed stop-loss orders that triggered during our test all executed at the exact guaranteed price, confirming that GSLOs function as advertised during volatile conditions.
AUD Funding & Withdrawals
Deposit Methods
Method
Processing Time
Fee
Minimum
Australian bank transfer (EFT)
1-2 business days
A$0
None
POLi Payments
Instant
A$0
None
BPay
Same day
A$0
None
Credit/Debit Card
Instant
A$0
None
PayPal
Instant
A$0
None
Our Withdrawal Test
We tested three withdrawal methods with our live account and all processed without issues.
Method
Request Time
Funds Received
Total Time
Bank transfer
Monday 11am AEST
Wednesday 3pm AEST
2 business days
PayPal
Wednesday 2pm AEST
Wednesday 7pm AEST
5 hours
Card refund
Thursday 10am AEST
Monday 2pm AEST
2 business days
CMC Markets offers full AUD-denominated accounts with POLi, BPay, and bank transfer funding at zero cost. Unlike eToro, which converts AUD to USD at a 0.5% markup, CMC lets you deposit, trade, and withdraw in Australian dollars with no conversion fees. This is a meaningful cost advantage for traders who want to avoid unnecessary currency conversion charges.
Currency conversion costs on non-AUD pairs: While AUD account funding is free, a small markup applies when you trade instruments denominated in other currencies. If you primarily trade AUD crosses, this is not a concern. If you frequently trade USD/JPY or EUR/GBP, factor the conversion markup into your cost calculations.
Pros & Cons
Pros
330+ forex pairs — the widest selection of any Australian broker
Award-winning Next Generation platform with 115+ technical indicators
ASX-listed (ASX: CMC) providing full financial transparency and governance
ASIC regulated (AFSL 238054) with segregated client funds at ANZ
Competitive spreads from 0.7 pips with no commission
No minimum deposit and no inactivity fees
Cons
Slightly wider total cost than ECN brokers on major pairs
No cTrader platform support for depth of market trading
Limited copy trading features compared to eToro
MT4 only — no MetaTrader 5 support alongside Next Generation
Our Verdict
After 90 days of testing with a real AUD account, CMC Markets earns 4.6 out of 5 stars for Australian forex traders.
CMC Markets delivers the best combination of instrument breadth, platform sophistication, and corporate transparency of any Australian forex broker. The 330+ forex pairs, award-winning Next Generation platform with 115+ indicators, and ASX listing set it apart from every competitor. While ECN brokers like Pepperstone and IC Markets offer marginally tighter spreads on major pairs, CMC's all-in spread pricing is competitive when you factor in the A$7/lot commissions charged elsewhere. The zero requotes, 42ms average execution, and functioning guaranteed stop-loss orders confirmed during our testing make the platform reliable for active trading.
For traders who value research tools, pair diversity, guaranteed stop-losses, and the accountability of a publicly listed company, CMC Markets is the premium choice in the Australian forex market.
Choose CMC Markets if:
You want access to 330+ forex pairs including exotic and emerging market crosses
Advanced charting with 115+ indicators and automated pattern recognition matters
ASX-listed transparency and corporate governance are important to you
You prefer simple spread-only pricing with no commission
Consider alternatives if:
You want the absolute tightest raw spreads on majors (Pepperstone, IC Markets)
You need cTrader for depth of market and algorithmic trading (Pepperstone)
You want copy trading features (eToro)
You need multi-asset access beyond CFDs (Interactive Brokers)
Trade 330+ Forex Pairs with CMC Markets
ASX-listed, ASIC regulated (AFSL 238054). Award-winning Next Generation platform with 115+ indicators. No minimum deposit, no commission.
Yes. CMC Markets operates in Australia through CMC Markets Asia Pacific Pty Ltd, holding ASIC AFSL 238054. CMC Markets is also listed on the Australian Securities Exchange (ASX: CMC), providing additional financial transparency and corporate governance oversight beyond what ASIC regulation alone requires.
Does CMC Markets really offer 330+ forex pairs?
Yes. CMC Markets offers over 330 forex pairs — the widest selection of any Australian broker. This includes all major and minor pairs plus a wide range of exotic and emerging market crosses, including AUD/SGD, AUD/CNH, and AUD/HKD. Pepperstone and IC Markets each offer around 60 pairs by comparison.
What is the Next Generation trading platform?
Next Generation is CMC Markets' proprietary award-winning platform featuring 115+ technical indicators, 70+ chart patterns, customisable layouts, advanced multi-timeframe charting, automated pattern recognition, and integrated client sentiment data showing real-time long/short ratios. It is available on web, desktop, and mobile apps.
Does CMC Markets charge commission on forex trades?
No. CMC Markets uses a spread-only model for forex with no separate commission. Spreads start from 0.7 pips on EUR/USD and AUD/USD during normal trading hours. This is slightly wider than ECN raw spreads but competitive when you factor in the A$7/lot commission charged by Pepperstone and IC Markets on their raw accounts.
What is the minimum deposit for CMC Markets Australia?
CMC Markets has no minimum deposit requirement for Australian accounts. You can open an account and fund it with any amount. There is also a free demo account with A$10,000 in virtual funds for practice before committing real capital to live trading.
Why does CMC Markets' ASX listing matter for traders?
CMC Markets' listing on the ASX means it must file annual and half-year financial reports publicly, comply with continuous disclosure rules, and maintain board-level corporate governance. This provides financial transparency that privately held brokers like Pepperstone and IC Markets do not offer — you can review CMC's financial health at any time via the ASX website.